Law: Companies Ordinance, 1984

Section: 224

Companies Ordinance (XLVII of 1984)---Ss. 224 & 484-Companies (General Provisions and Forms) Rules, 1985, R.16---Trading by Director of the company with gain--Direction to tender amount of gain to the Commission---Director of the company made certain purchases and sales in the shares of the petitioner as its Director---Said transactions resulted in a gain computed in the manner prescribed in R.6 of the Companies (General Provisions and Forms) Rules, 1985--Executive Director of the Commission directed petitioners to tender amount of gain in favour of the Commission---Validity---No legal flaw had been pointed out by the representatives for the petitioners---Petitioners had accepted the findings of the Executive Director of the Commission on the issue of bonus shares, however, petitioners had requested to allow one petitioner to tender the amount of gain in favour of the other (issuer) instead of the Commission---Executive Director of the Commission had rightly inferred in the impugned order that after lapse of time limit stipulated in S.224 of the Companies Ordinance, 1984, the beneficial owner could not be allowed to tender the amount of gain to the issuer instead of the Commission; and even the Commission did not have any power under the Companies Ordinance, 1984 to waive off that legal restriction and requirement---Petitioners had neither raised in their revision petition any jurisdictional issue nor their representatives had requested for conversion of revision into appeal---Petitioner had accepted that he had made tenderable gain, which-had not been tendered to the issuer within stipulated period---Issuer had accepted that it had failed to recover the amount of the gain within the period as stipulated in S.224(2) of the Companies Ordinance, 1984 Impugned order was upheld and revision petition against said order was dismissed. PLD 2000 Quetta 66 ref. ORDER MUHAMMAD SOHAIL DAYALA, COMMISSIONER (SMD).---This order will dispose of Revision Application filed under section 484 of the Companies Ordinance, 1984 (the "Ordinance") by Mr. Najeeb Ullah Ghauri, Director Netsol Technologies Limited (the "Petitioner-I") against the Order dated 8-7-2009 (the "Impugned…

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